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| CURRENCY DEPARTMENT |
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| Managing Dollars and Cents |
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The Currency Department (CD) proactively
manages the currency stock to maintain the integrity and quality
of the Singapore currency in circulation. As at 31 March 2004,
the gross and active currency in circulation was S$14.6 billion
and S$13.1 billion respectively. The gross currency in circulation
increased 5.2% over the year. During the period, S$29.5 billion
worth of notes and coins were issued to banks and S$28.9 billion
returned.
The Currency Interchangeability Agreement between Singapore
and Brunei continued to operate in both countries. For the year
in review, total Brunei currency repatriated to the Brunei Currency
and Monetary Board was S$678.7 million, S$8 million less than
in 2002. The amount of Singapore currency repatriated to Singapore
decreased S$2 million to S$3 million in 2003.
The year 2003 marked several milestones for Singapore numismatic
issues. In July, MAS issued a commemorative coin to honour our
healthcare givers for their exemplary efforts, courage and sacrifices
in battling Severe Acute Respiratory Syndrome (SARS). In August,
we launched our very first base metal proof coin set. In December,
we completed our second Chinese Almanac Series with the issue
of the “Year of the Monkey Coin”.
CD introduced several initiatives in 2003 to improve our productivity
and costeffectiveness. One initiative increased the number of
notes recycled, without compromising the quality, for re-issuance
to banks. This reduced the operating costs by about S$200,000
annually and improved productivity by 2.5%.
As part of our continuous effort to improve the durability,
quality and security of currency notes, CD will introduce S$10
polymer portrait notes this year. As a start, 10 million notes
will be issued. CD will also be reviewing its currency stocking
policy and note distribution framework to further enhance the
efficiency and effectiveness of circulation notes. This year
will also see the inauguration of the third Chinese Almanac
Series, with the issue of the “Year of the Rooster Coin”.
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